Comparing the current results to its competitors, Cerner reported Revenue increase in the 1 quarter 2022 by 3.03 % year on year. The revenue growth was below Cerner's competitors' average revenue growth of 7.39 %, achieved in the same quarter.
Cerner's Comment on Competition and Industry Peers
The market for HCIT solutions, devices and services is intensely competitive,
rapidly evolving and subject to rapid technological change. Our principal competitors
in the health care solutions and services market include, but are not limited
to: Allscripts Healthcare Solutions, Inc. (Allscripts), Computer Programs and
Systems, Inc. (CPSI), Epic Systems Corporation (Epic), GE Healthcare Technologies
(GE), Healthcare Management Systems, Inc. (HMS), Healthland, Inc., Computer Sciences
Corporation (iSoft), McKesson Corporation (McKesson), Medical Information Technology,
Inc. (Meditech), Siemens Medical Solutions Health Services Corporation (Siemens),
and Quadramed Corporation (Quadramed), each of which offers a suite of software
solutions that compete with many of our software solutions and services.
Other competitors focus on only a portion of the market that we address. For
example, competitors, without limitation, such as Accenture plc, Clinovations,
Inc., Dell, Inc. (Dell), Deloitte Consulting LLP (Deloitte), Encore Health Resources,
LLC, IBM Corporation, Leidos Holding, Inc. and Xerox Corporation Ltd. offer
HCIT services that compete directly with some of our service offerings. Allscripts,
AmazingCharts.com, Inc., Athenahealth, Inc., eClinicalWorks LLC, e-MDs, Inc.,
MED3000, Inc., Practice Fusion, Inc., Quality Systems, Inc., SRSsoft and Vitera
Healthcare Solutions offer solutions to the physician practice market but do
not currently have a significant presence in the health systems and independent
hospital market.
Cerner partners with third parties as a reseller of devices and markets its
own competing proprietary health care devices. We view our principal competitors
in the health care device market to include, without limitation: API Healthcare,
CapsuleTech, Inc., CareFusion Corporation, GE, iSirona, LLC, McKesson and Omnicell,
Inc. We view our principal competitors in the health care revenue cycle transactions
market to include, without limitation: Accretive Health, Inc., Allscripts, Confier
Health Solutions, Dell, Deloitte, Emdeon Corporation, Epic, GE, McKesson, MedAssets,
Inc., Meditech, Optum, Inc., Quadramed, Siemens, SSI Group, Inc. and 3M Company
with almost all of these competitors being substantially larger or having more
experience and market share than us in their respective markets.
In addition, we expect that major software information systems companies, large
information technology consulting service providers and system integrators,
start-up companies, managed care companies and others specializing in the health
care industry may offer competitive software solutions, devices or services.
The pace of change in the HCIT market is rapid and there are frequent new software
solutions, devices or services introductions, enhancements and evolving industry
standards and requirements. We believe that the principal competitive factors
in this market include the breadth and quality of solution and service offerings,
the stability of the solution provider, the features and capabilities of the
information systems and devices, the ongoing support for the systems and devices
and the potential for enhancements and future compatible software solutions
and devices.
Overall company revenue, grew less, than total company revenues, at 3.03 % and company approximately market share, declined to 0.82 %. << More on CERN Market Share.
*Market share is calculated based on total revenue.
Healthlynked Corp is a healthcare network company that connects patients with physicians and other providers through their mobile application, offering various features like online appointment booking, access to medical records, and health management tools. The company generates revenue through subscription fees paid by providers to be listed on their platform and through advertising and sponsorship agreements with healthcare-related companies.
Definitive Healthcare Corp operates as a provider of data and analytics for the healthcare industry. Their business model is centered around collecting and aggregating vast amounts of healthcare data from various sources, including hospitals, physicians, and other healthcare organizations. They then analyze and transform this data into meaningful insights and reports, which they sell to clients such as healthcare providers, insurance companies, and pharmaceutical companies to aid in decision-making and strategic planning.
Sources:
Cerner Corporation’s official press releases and regulatory filings; CSIMarket.com’s market research; and the financial filings and press releases of other companies cited in this report.
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